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Friday, November 8, 2024
HomeBusinessPakistani Share Market Dips Below 75,000 Amid Economic Concerns

Pakistani Share Market Dips Below 75,000 Amid Economic Concerns

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Pakistani shares dipped below 75,000 amid late selling, reflecting concerns over shrinking dollar inflows and economic pessimism.

Ahsan Mehanti from Arif Habib Corporation attributed the market downturn to projections of sluggish economic growth coupled with high inflation, a drop in Roshan Digital Account inflows, a depreciating rupee, and uncertainties surrounding CPEC dues to China.

Initially trading positively around the psychological barrier of 75,000, the KSE 100 index faced a sudden selling pressure in the last hour, closing below this mark.

The absence of positive triggers, coupled with ongoing IMF negotiations and expectations of austerity measures in the upcoming budget, deterred investors, leading to profit-taking particularly in banking, fertilizer, technology, and auto sectors.

Despite hitting highs and lows of 75,513.90 and 74,835.49 respectively, the benchmark index settled at 74,956.67 points, recording a loss of 250.10 points or 0.33% day-on-day. However, trading volume surged by 26.47%, reaching 584.48 million shares, with a traded value up by 11.61% to Rs17.71bn.

Top traded stocks included Hum Network, K-Electric, PACE (Pakistan), Symmetry Group, and WorldCall Telecom.

Notable gainers included Ismail Industries, Shahmurad Sugar Mills Ltd, Systems Ltd, Pakistan Cables, and Abbott Laboratories, while Unilever Pak, Nestle Pakistan Ltd, Sapphire Fibres Ltd, Thal Ltd, and Pakistan Services witnessed significant declines.

Foreign investors remained net buyers, purchasing shares worth $0.44m.

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